Ethereum News Today: Altcoins Drive Crypto Momentum With HYPE Up 1000% and PENGU ETF Speculation

Altcoins continue to dominate the crypto narrative as momentum from July carries into August, with key tokens like Hyperliquid (HYPE), Pudgy Penguins (PENGU), and Arbitrum (ARB) leading the charge. The market has shifted from mere speculation to a landscape driven by real-world adoption, revenue growth, and institutional interest.

Hyperliquid’s HYPE token, which began trading at $3.81, has surged nearly 1000% to trade around $40. Analysts highlight the project’s decentralized perpetual exchange model, built on its own Layer 1 infrastructure, as a strong differentiator. The March incident involving the HLP vault initially raised questions but ultimately brought more visibility. With strong support levels at $37 and a potential breakout above $46.1, HYPE is seen as a key player in the DeFi space [1].

Meanwhile, Pudgy Penguins (PENGU) has emerged as a top performer in the meme coin category, driven by aggressive airdrops, strategic exchange listings, and ETF speculation. Canary Capital’s recent filing for a PENGU spot ETF has added institutional credibility, signaling a shift in sentiment toward meme coins. The project benefits from existing brand recognition via the Pudgy Penguins NFT collection and has outperformed both Ethena (ENA) and Story Protocol (IP) in market cap growth [1].

Arbitrum’s ARB token also made a strong comeback in July, rising 66% to trade at $0.50 from $0.30. As a leader in Ethereum’s Layer 2 scaling solutions, ARB’s resurgence is tied to renewed interest in infrastructure plays and growing adoption of Ethereum-based ecosystems. Analysts note that ARB must consolidate above $0.31–$0.32 and break through $0.51 to attract new capital inflows. The token’s performance mirrors Ethereum’s recent ETF-driven rally, suggesting broader momentum in the infrastructure sector [1].

Institutional capital is no longer just flowing into Bitcoin and Ethereum; altcoins are now actively shaping market dynamics. The July rally has been driven by real revenue growth, product traction, and strategic marketing, with many projects proving their long-term viability. As August progresses, key events such as token unlocks, protocol upgrades, and AI model releases will test the sustainability of the current momentum [1].

The altcoin market is no longer a side show—it is the main event. With HYPE eyeing $50, PENGU riding the ETF wave, and ARB capitalizing on renewed Layer 2 interest, the landscape is set for a dynamic August. Whether these gains are here to stay or part of a short-term rally remains to be seen, but one thing is clear: altcoins are making their mark and rewriting the summer story [1].

Source: [1] Altcoins in August: $50 for HYPE, PENGU Mania, and ARB is Back (https://cryptonews.com/reports/august-altcoin-outlook-50-for-hype-pengu-mania-and-arb-revival/)